Non-life insurers posted a 12.78% year-on-year growth in gross direct premium underwritten in 2023-24 (FY24).

Banking & Finance

Non-life insurers posted a 12.78% year-on-year growth in gross direct premium underwritten in 2023-24 (FY24), reaching Rs2.89 trillion, compared to 16.4% in the previous financial year. The premium fell short of touching the Rs 3 trillion mark amid a slowdown in the growth rate of health and motor insurance, along with weak growth in the crop insurance segment. According to data released by the General Insurance Council, premiums of general insurers grew by 14.24 percent Y-o-Y to Rs 2.45 trillion in FY24. Public sector general insurers clocked an 8.99 percent growth in premium to Rs 90,344.49 crore, whereas their private sector counterparts witnessed a 17.53 per cent increase to Rs 1.55 trillion. Among companies, the industry leader, The New India Assurance Company, saw a 7.4 percent Y-o-Y growth in premium to Rs 37,035.19 crore. Among other major insurers, HDFC Ergo General Insurance’s premium increased by 11.61 percent to Rs 18,567.56 crore, whereas United India Insurance Company’s premium surged 12.51 percent to Rs 19,851.71 crore and The Oriental Insurance’s premium rose 17.1 per cent Y-o-Y to Rs 18,285.82 crore in FY24.


      In March 2024, general insurance companies’ gross direct premium grew by 9.64 percent Y-o-Y to Rs 21,422.06 crore.

     

     

 

     


          ____________________________